All that glittering gold doesn't have to go to Fort Knox or the Federal Reserve in New York.

Instead Texas will soon be able to keep their precious metals in a new bullion depository lawmakers approved today. The bill goes to to governor.

Now, this isn't a place to store Great Aunt Margaret's earrings.

Public agencies, corporations or even individuals could store gold or precious metal there if it is in certain form -- such as bullion or specie, which are generally gold or silver stamped.

Rep. Giovanni Capriglione, R-Southlake, has worked for two years on the legislation that allows the comptroller's office to create the depository, which would make Texas the first state in the nation to do so.

"When I filed it, I just got these letters from literally all over the world," Capriglione said. "People were saying, 'I want to put my gold in Texas.' They just have this image of the wild, wild west."

And many want Texas gold to stay in the state to get away from federal oversight.

But don't expect to see a castle-like fortress with a moat anytime soon. The depository will likely be set up like most other banks with vaults and will be able to accommodate large sums with minimum space.

For example, the University of Texas Investment Management Co. has about $1 billion in gold stored with the Federal Reserve in New York. That's about the size of a work desk, Capriglione said.

Meanwhile, as Texas gets more deposits, it will be able to earn revenue off the fees. The depository would work more like a bank when the system is fully operational, handling transactions through gold, silver and the like.

"What that does is create kind of this economic shelter, if you well, for the state of Texas to be able to protect it from an imbalance," to hedge against an economic downturn or inflation, he said.

If the legislation is signed off by Gov. Greg Abbott, as expected, it will take the comptroller's a few months to set up guidelines. Then the state will begin the process of selecting a site, Capriglione said.